MORNBFI Vol. 1 - Planters Development Bank

APP. Q-1808.12.31Sec. 8. Prohibitions(1) No IH shall undertake underwritingcommitments for its own account in anaggregate outstanding amount exceedingtwenty (20) times its unimpaired capitaland surplus.(2) An IH shall not at any time allowits unimpaired capital and surplus to fallbelow P20.0 million; otherwise, it shall beprohibited from underwriting securities forso long as such deficiency remains.(3) Whenever an IH is engaged in themanagement of funds, its officers and otherpersonnel directly involved in themanagement of funds are prohibited fromsimultaneously or concurrently buying orselling the shares of stock of the same firmthat the funds are buying or selling.(4) No advance to directors, officersand stockholders owning at least 10% ofthe outstanding capital of an IH shall beallowed, unless sufficiently collateralized.Sec. 9. Reporting Requirements. Everyregistered IH shall file with the Commissionthe following periodic reports in triplicate:A. Progress Reports - a quarterly reportof the results of its underwriting operationsand activities of funds managed on allcommitments entered into in such form asmay be provided for the purpose, withinfifteen (15) days from the end of each quarter.B. Semi-Annual Financial Statementsigned under oath by its chief accountantand verified by the president, within aperiod of sixty (60) days after the end ofeach semester containing such data, andin such form as the Commission shallrequire. A copy shall be filed with the BSP.C. Annual Report concerning itsoperational activities for the year justended, signed by its president (SEC Form129-1) within the month of March of eachyear. A copy shall be filed with the BSP.D. A Report on the composition of theboard of directors or any resignation,dismissal, suspension, or filling ofvacancies therein, or of any officers ormanagerial staff, signed under oath by thesecretary, within fifteen (15) days afteroccurrence of the event.Every registered IH shall maintain andpreserve such records and documents asthe Commission may prescribe by way ofcirculars. Such circulars shall provide for areasonable degree of uniformity inaccounting policies and principles to befollowed by IHs in maintaining theiraccounting records and in preparingstatements as required by these rules.Sec. 10. Transitory ProvisionsA. All existing enterprises which havebeen operating as Investment Houses,prior to 15 February 1973, shall:(1) Within six (6) months from15 February 1973 file an information sheetwith the Commission in such form andcontaining such data as may be required,pay the required fee under Sec. 3-E of theserules, and the Commission in consultationwith the Monetary Board, after determiningcompliance with the requirements ofP.D. No. 129 and of these Rules, shall issuea License to Operate an IH.(2) Within one (1) Year from15 February 1973 comply with therequirement of a minimum paid-in capitalof P20.0 million, citizenship requirements,and the prohibition on interlockingdirectorate or officership.Sec. 11. Stockbrokerage or DealershipFunctions. If an IH engages in the businessof a stockbroker or dealer pursuant toP.D. No. 129, it shall comply with theprovisions of C.A. No. 83, otherwise knownas the Securities Act, and the rules andregulations of the Commission promulgatedpursuant thereto: Provided, however, that anIHe need not obtain a separate license underSection 14 of the Securities Act.Q RegulationsAppendix Q-18 - Page 4Manual of Regulations for Non-Bank Financial Institutions